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Risk Advisors & Insurance Brokers

Cyber Risk Update

By Eddy Brett22/06/2016

Whenever risk is discussed in recent times, cyber risk is one topic that keeps coming up.

It is increasingly an issue for business and we have published articles on the subject in the past. Large business organisations generally have the resources to put in place protective measures and to ensure that expert support is available if there is a cyber attack on their assets.

However, it is not just the large organisations who have a cyber security risk exposure and many I have engaged with have not really identified the potential damage that a cyber attack on their IT system could inflict.

A recent article by James Turner in the AFR made some really good points. Some of these are

Recognise that your business is not immune to a cyber attack. As he says – it is a foreseeable risk.

You must identify the information assets your business relies on – what would happen if they were released, or could be accessed by anyone; or if you could not access your data.

Know the value of your data, know where it is, know who has access to it, know who is protecting the data, and know how well the data is protected.

This problem is not going away and it is in the interest of small business enterprises particularly to know how their information assets are currently protected and what action is available in the event of a cyber attack.